Grains start mostly higher Tuesday with livestock lower, but both turn mixed shortly after.
Randy Martinson with Martinson Ag says grains are positioning ahead of the election, FOMC announcement and the WASDE on Friday.
He says the election results, especially who wins the Presidency, will influence the grain market direction especially with the fear of tariffs and trade disruptions.
As far as the WASDE, he sees only slight adjustments on yield and demand.
Martinson says a case can be made for yields being cut on corn and soybeans with the dry weather to end the season and especially during harvest.
StoneX came out with their estimates and lowered corn yield .3 bushels per acre to 183.7 bushels and soybeans yield was also cut by .9 bushels.
The other keys will be what USDA does with demand as corn exports are running 34% of last year’s pace and wheat is ahead 35%.
Cattle futures continued to slide on the open with follow through selling but live cattle then turned mixed.
Cattle have been seeing profit taking and fund liquidation and may chop now ahead of the election and Fed news but also awaiting cash trade.
Lean hog futures put in bearish reversals yesterday and are seeing more pressure today perhaps confirming a top.
